Full text of H.6 Money Stock Measures : February 18, 1999

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FEDERAL RESERVE statistical release
H.8 (508)
Tabid 1

MONEY STOCK AND DEBT MEASURES

For release at 4:30 p.m. Eastern Time

Billions of dollars

February 18, 1999

mi

M33

Date

M11

1997-Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1076,
1072,
1067,
1063.
1066,
1067.
1072.
1064.
1062.
1067,
1074,

3848,
3862,
3882,
3892.
3911,
3929,
3961.
3981,
4000.
4023,
4046,

5012
5044
5086
5108
5135
5185.9
5232.8
5269.7
5306.7
5353.6
5404.7

14522.0
14582.1
14653.4
14703
14736
14798
14867
14935
15010
15088
15167

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1073.8
1076.0
1080.6
1082.1
1078.2
1077.8
1075.4
1072.
1074.
1080.
1088.
1093.

4071,
4100,
4126.
4155.
4174.
4198.
4217,
4245.
4292.
4335.
4375.
4412.

5449.6
5485.2
5543.8
5589.3
5631.3
5674.
5695.
5753.
5819.
5884.
5954.
6016.

15240 9
15321 7
15404, 7
15432, 9
15555, 6
15628, 7
15710, 5
15790, 9
15869, 4
15956, 7
16048. 3
16128, 1 P

1999-Jan. p

1090.2

4436.2

6039.1

DEBT4

Seasonally adjusted

Not seasonally adjusted
1997-Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1065.5
1067.8
1073.4
1053.8
1064.1
1065
1069
1059
1057
1074
1097.4

3836.4
3875.1
3908.3
3873.8
3905.
3925.
3960.
3970.
3986.
4025.
4064.8

5009.8
5064.8
5109.0
5092.4
5128.0
5171.7
5226.8
5251.9
5295.0
5359.2
5420.8

14490.
14567.
14635,
14672.
14704,
14752,
14824.
14901.
14973.
15070.
15166.8

1998-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.

1079
1066
1075
1087
1070
1074.7
1073.6
1068.6
1069.9
1076.2
1094.1
1115.0

4073.7
4092.1
4143.6
4186.2
4155.8
4188.6
4210.
4242.
4280.
4320.
4375.
4429.

5453.
5486.
5573.
5619.
5618.
5661.8
5672.9
5742.
5796.
5869.
5959.
6032.

15223.7
15291.1
15392.0
15465.8
15523.2
15595.
15663.
15746.
15834.
15918.
16030.4
16128.5 p

1999-Jan. p

1097.5

4439.6

6046.9

Footnotes appear on the following page
p
preliminary
Components may not add to totals due to rounding.




Page 2

H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT1

3 Months from Oct. 1998 TO Jan. 1999

3.6

9.3

10.5

6.5

6 Months from July 1998 TO Jan. 1999

2.8

10.4

12.1

6.4

12 Months from Jan. 1998 TO Jan. 1999

1.5

9.0

10.8

6.3

Thirteen weeks ending February 8
1999
from thirteen weeks ending:
Nov. 9, 1998 (13 weeks previous)

S.O

10.4

12.3

Aug. 10, 1998 (26 weeks previous)

2.6

10.1

11.9

Feb.

1.7

8.9

11.1

9, 1998 (52 weeks previous)

1.

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, September 1998 to December 1998, June 1998 to December 1998,
and December 1997 to December 1998, respectively.
Footnotes to Table 1:
1.

2.

3.

4.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service
(ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing
currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of Ml plus savings deposits (including money /nsrket deposit accounts), small-denomination time deposits (time deposits—including retail RPs—in amounts of less
than $100,000), and balances \n retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money
market funds. Seasonally adjusted M2 is computed by s u r ming savings deposits, small-denomination time deposits, snd retail money fund balances, each seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all
depository institutions, and Eurodollars (overnight and term) neld by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United
Kingdom and Canada. Excludes amounts held by depository institutions, ihe U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted
M3 is calculated by summing large time deposits, institutional mcney fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this
result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farrjs). Confederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are ds-ived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the
data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt
data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z.1. In those releases, published levels of
credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to
January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services
at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
202-482-1986.




Page 3
H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars

Seasonally adjusted
M2

M1
Period eriding

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1998-Nov.

16
23
30

1078.3
1079.7
1081.2

1085.9
1087.2
1088.7

1086.8
1089.5
1094.8

4314.7
4324.8
4334.4

4362.0
4369.0
4376.3

4370.8
4380.2
4393.4

5854.6
5870.6
5886.3

5928.4
5941.9
5957.1

5946.0
5962.4
5989.4

Dec.

7
14
21
28

1082.6
1083.7
1084.9
1086.6

1089.6
1089.6
1090.6
1091.4

1087.3
1086.7
1093.7
1097.8

4343.8
4352.9
4362.3
4372.1

4384.0
4391.9
4401.8
4412.0

4391.5
4402.6
4419.5
4434.4

5901.1
5915.9
5931.5
5947.5

5971.4
5985.4
6000.6
6014.6

5987.9
6001.7
6024.1
6044.5

1999-Jan.

4
11
18
25

1088.7
1089.5
1090.1
1090.2

1096.4
1095.7
1093.9
1091.0

1107.4
1084.0
1086.3
1086.2

4381.8
4390.4
4398.2
4404.5

4424.6
4431.4
4435.3
4435.2

4441.7
4429.8
4435.4
4433.9

5963.0
5975.5
5988.0
5997.4

6031.5
6037.8
6041.4
6037.7

6055.8
6026.9
6038.2
6029.8

1090.6
1090.5

1087.5
1087.0

1093.6
1081.9

4410.4
4416.6

4435.2
4438.1

4441.6
4441.5

6007.3
6018.6

6038.2
6050.9

6058.0
6077.4

Feb.

IP
8p

Not seasonally adjusted
1998-Nov.

16
23
30

1074.7
1076.8
1080.0

1085.5
1089.1
1093.7

1090.8
1087.0
1112.9

4304.4
4314.7
4325.4

4353.4
4366.5
4376.2

4385.9
4363.0
4376.1

5840.0
5857.1
5875.3

5922.7
5941.8
5961.4

5965.7
.5950.3
5983.7

Dec.

7
14
21
28

1082.1
1084.0
1037.9
1093.1

1096.9
1098.2
1106.0
1110.3

1096.7
1096.0
1118.4
1130.2

4334.9
4344.4
4356.3
4370.7

4387.3
4397.5
4414.9
4428.0

4424.2
4426.7
4432.5
4428.7

5891.9
5909.1
5927.6
594,8.1

5983.5
6003.8
6024.3
6034.2

6034.3
6046.8
6032.3
6023.4

1999-JaJi.

4
11
18
25

i098.7
1101.3
1102.2
110,2,5

1125.6
1126.2
1118.9
1105.6

1157.9
1098.3
1089.1
1077.2

438^.1
4394.2
4403.7
4411, t . l v

4438.8
4447.7
4453.0
4447.7

4467.3
4462.4
4453.4
. 4407.8

5964.8
5980.3
5994.7
6006>1

6035.6
6039.8
6048.4
6047.8

6040.0
6063.3
6066.7
'6021.0

1102,2
1101.4

1088.6
1082.5

1089.9
1073.7

4417.2
4422.8

4434.8
4432.3

4415.7
4452.2

6016.4
6028.2

6047.7
6056.8

.6039.7
6099.9

Feb.

IP
8p

^

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, whichare highly volatile and subject to revision.
p
preliminary data.
Components may not add to totals due to rounding.




Page 4
H.6 (508)
Table 4

SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Currency1

Date

Travelers checks2

Other checkable deposits

Demand deposits3
At commercial banks4

415.5

8.6

392.3

150.9

97.5

248.4

Oct.
Nov.
Dae.

417.9
421.2
424.5

8.3
7.8
7.7

389.6
393.2
396.S

148.9
148.0
149.2

97.5
*7.4
97.0

246.3
245.3
246.2

1998-Jan.
Feb.
Nar.

427.0
430.0
432.1

7.7
7.6
7.7

392.8
392.3
391.0

149.7
147.8
149.2

96.6
98.3
100.6

246.3
246.1
249.8

Apr.
Nay
June

434.2
436.4
439.2

7.8
7.8
8.0

389.2
387.8
384.7

ISO. 3
146.2
145.9

100.6
100.0
100.0

250.9
246.2
245.9

July
Aug.
Sap.

442.3
444.8
449.6

8.5
8.5
8.3

379.3
374.8
374.4

144.2
143.2
141.1

101.2
100.9
101.3

245.3
244.0
242.4

Oct.
Nov.
Dec.

453.3
456.4
459.2

8.3
7.9
7.8

374.7
376.8
377.3

141.5
144.0
143.8

102.7
103.6
105.0

244.2
247.6
248.7

462.6

7.8

370.7

145.4

103.7

249.2

458.5
459.2
460.1

7.8
7.8
7.9

375.2
378.5
378.8

140.2
143.4
146.4

104.9
104.7
104.6

245.2
248.2
251.0

460.9
461.5
462.3
463.5

7.9
7.8
7.8
7.7

381.6
365.7
369.6
367.0

151.9
143.5
143.6
145.6

105.2
105.5
102.9
102.4

257.1
249.0
246.6
248.0

464.6
465.8

7.7
7.7

373.5
364.0

144.8
139.6

103.0
104.8

247.7
244.4

Week endina
1998-Dec. 14
21
28
1999-Jan.

Feb.

4.
5.

Total

1997-Sep.

1999-Jan. P

1.
2.
3.

At thrift
institutions5

4
11
18
25
IP
8p

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions Other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

e estimated
p
preliminary
Components may not add to totals due to rounding.



Page 5
H.6 (508)
Table 5

SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1997-Sep.

988.4

376.4

1364.8

621.0

346.2

967.1

584.9

2916.9

Oct.
Nov.
Dec.

1003.0
1012.3
1022.9

377.0
376.3
377.3

1379.9
1388.6
1400.2

622.6
625.5
626.1

345.7
343.1
343.2

968.3
968.6
969.3

589.9
598.4
602.3

2938.1
2955.6
2971.8

1998-Jan.
Feb.
Mar.

1035.1
1045.9
1054.1

378.8
382.5
385.3

1413.8
1428.5
1439.4

626.2
626.3
626.5

344.6
343.7
342.4

970.8
970.1
968.9

612.9
626.3
637.3

2997.6
3024.9
3045.5

Apr.
May
June

1072.2
1078.0
1089.6

387.0
394.3
396.3

1459.3
1472.2
1485.9

627.5
626.3
625.7

340.1
339.7
339.5

967.6
966.0
965.2

646.3
658.3
669.6

3073.1
3096.5
3120.7

Ui

1106.3
1121.6
1140.2

399.5
400.9
403.6

1505.8
1522.5
1543.7

625.1
627.4
627.7

337.3
332.5
331.2

962.5
959.9
958.9

673.6
691.1
715.0

3141.9
3173.5
3217.6

Oct.
Nov.
Dec.

1155.3
1171.1
1189.8

407.8
411.5
415.2

1563.1
1582.6
1605.0

627.5
628.3
626.1

330.5
327.5
325.7

958.1
955.7
951.8

734.2
748.0
763.1

3255.4
3286.3
3319.8

1201.3

420.2

1621.5

621.9

324.3

946.2

778.3

3346.0

Week e n d i n g
1 9 9 8 - D e c . 14
21
28

1190.8
1193.9
1196.2

413.2
416.0
421.0

1603.9
1609.9
1617.1

626.4
625.6
625.6

325.6
325.6
325.9

952.1
951.2
951.5

759.9
764.7
768.0

3315.9
3325.8
3336.6

4
11
18
25

1193.4
1211.2
1204.1
1197.7

419.4
417.3
418.4
422.2

1612.8
1628.5
1622.5
1619.9

625.4
623.4
621.6
620.7

325.9
324.9
324.1
323.6

951.3
948.4
945.8
944.3

770.2
769.0
780.8
783.6

3334.3
3345.8
3349.1
3347.7

1195.2
1205.0

424.0
421.0

1619.1
1626.0

619.7
618.7

323.5
323.2

943.2
941.9

785.7
7*1.6

3348.0
3359.6

1999-Jan* P

1999-Jan.

Feb.

1.
2.

IP
8p

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and
thrifts are subtracted from small time deposits.

p
preliminary
Components may not add to totals due to rounding.



Page 6
H.6 (508)
Table 6

SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
Institutional
money funds

Dal:e

Large--denomination time deposits1

RPs3

Eurodollars4

Total
Non-M2 M3

Debt components5

At commercial
banks2

At thrift
institutions

Total

3€2.9

476.8

83.9

560.7

226.5

137.9

1288.0

3795.0

11140.2

368.0
370.6
379.9

479.6
485.1
490.2

84.2
85.0
85.9

563.9
570.1
576.1

239.2
250.0
252.8

135.5
139.8
149.2

1306.5
1330.5
1358.0

3795.1
3793.7
3798.4

11215.4
11294.6
11368.8

Mar.

385.9
391.3
399.8

494.7
505.2
521.0

87.7
87.2
85.7

582.4
592.4
606.7

260.0
255.1
269.3

150.0
145.4
141.8

1378.3
1384.3
1417.7

3796.8
3792.9
3797.2

11444.1
11528.8
11607.5

Apr.
May
June

414.4
426.9
437.7

520.8
527.4
534.9

86.7
85.2
85.8

607.4
612.6
620.7

270.3
271.7
270.8

141.9
145.4
146.3

1434.0
1456.6
1475.5

3791.5
3778.8
3775.8

11691.3
11776.8
11853.0

July
Aug.
Sep.

441.9
454.5
467.8

527.8
534.6
534.7

85.8
85.6
86.6

613.6
620.2
621.3

273.4
279.7
283.4

149.2
153.5
154.4

1478.0
1508.0
1527.0

3772.9
3770.3
3760.0

11937.6
12020.6
12109.4

Oct.
Nov.
Dec.

486.7
503.8
516.2

535.5
542.7
548.5

87.7
87.9
89.1

623.2
630.7
637.6

283.5
289.5
297.7

155.9
155.7
152.1

1549.2
1579.6
1603.6

3750.3
3748.8
3747.4

12206.4
12299.5
12380.8

515.0

558.4

91.1

649.4

291.5

147.0

1602.9

Week e n d i n g
1 9 9 8 - D e c . 14
21
28

512.6
518.0
519.7

547.6
548.0
549.8

88.9
88.9
89.5

636.6
636.9
639.3

295.9
298.9
299.2

154.0
150.8
151.9

1599.1
1604.6
1610.1

4
11
18
25

518.2
506.3
513.9
518.1

555.2
557.0
561.7
556.2

90.4
91.3
91.3
91.2

645.6
648.3
652.9
647.5

298.9
291.0
290.7
287.1

151.4
151.3
145.3
143.2

1614.1
1597.0
1602.8
1595.9

524.3
530.6

560.8
562.7

90.7
90.6

651.5
653.3

294.1
302.0

146.5
150.1

1616.4
1636.0

-

1997-Sep.
Oct.

Nov.
Dec.

1998-Jan.
Fob.

1999-Jan.

1999-Jan.

Feb.

1.
2.
3.
4.
5.

P

IP
8p

Non-Federal

Federal

p

Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p
preliminary
Components may not add to totals due to rounding.




p

Page 7
H.6 (508)
Table 7

NOT SEASONALLY ADJUSTED COMPONENTS OF ft/11
Billions of dollars
Currency1

Date

Travelers checks2

Other checkable deposits

Demand deposits3
lercial banks4

414.2

8.4

390.1

149.8

Oct.
Nov.
Dec.

417.2
422.3
428.9

8.2
8.0
7.9

387.9
399.1
412.3

147.4
147.4
150.5

96.9
97.3
97.8

244.3
244.7
248.3

1998-Jan.
Feb.
Mar.

426.3
428.8
431.4

7.9
7.8
7.9

396.6
384.6
385.8

152.5
147.7
149.8

96.6
97.0
100.9

249.1
244.7
250.6

Apr.
June

433.7
436.1
438.3

7.9
7.9
8.0

389.4
381.7
382.8

153.2
145.3
145.€

103.3
99.6
100.1

256.
244.
245.

July
Aug.
Sep.

442
444
448

378.
374.
372,

142.8
141.6
140.0

100.9
100.1
100.7

243.
241.
240,

Oct.
Nov.
Dec.

452.
457.
464.

373.
381.
392.

140.2
143.5
144.9

102.0
103.5
105.8

242.2
247.0
250.7

375.3

148.0

103.8

251.9

1999-Jan. P

462.4

Week e n d i n a
1 9 9 8 - D e c . 14

1999-Jan.

Feb.

4.
5.

Total

1997-Sep.

May

1.
2.
3.

At thrift
institutions5
97.1

7.9

246.9

21
28

461.
464.
469.

383.
396.
398.

138.
144.
149.

104.4
105.0
104.6

243.
249.
254.

4
11
18
25

465.
463.
462.
460.8

415.8
374.7
370.8
360.7

158.7
146.1
145.5
147.2

109.6
106.5
102.8
100.6

268.
252,
248.
247.8

461.
465.

371,
356.

147.0
139.5

102,
103.

249,
243,

IP
8p

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

e estimated
p
preliminary
Components may not add to totals due to rounding.



Paged
H.6 (508)
Table 8

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1997-Sep.

985.0

375.1

1360.1

620.4

345.9

966.3

584.7

2911.1

Oct.
Nov.
Dec.

997.5
1010.3
1020.4

374.9
375.5
376.4

1372.4
1385.9
1396.8

622.9
625.3
625.3

345.9
343.0
342.8

968.8
968.3
968.1

587.9
597.4
602/5

2929.0
2951.5
2967.4

1998-Jan.
Feb.
Mar.

1030.5
1041.8
1061.6

377.1
381.0
388.1

1407.6
1422.8
1449.6

626.8
627.6
627.3

344.9
344.4
342.8

971.6
972.0
970.1

614.5
631.4
648.1

2993.8
3026.2
3067.8

Apr.
May
June

1084.6
1078.4
1092.7

391.5
394.4
397.4

1476.2
1472.8
1490.1

627.7
625.4
624.8

340.3
339.2
339.0

968.0
964.6
963.8

654.6
647.9
660.0

3098.8
3085.3
3113.9

July
Aug.
Sep.

1107.5
1121.5
1134.8

399.9
400.8
401.7

1507.4
1522.3
1536.5

625.1
627.0
627.3

337.3
332.3
330.9

962.4
959.3
958.2

666.8
692.5
715.6

3136.6
3174.1
3210.4

Oct.
Nov.
Dec.

1147.6
1167.9
1186.7

405.1
410.4
414.1

1552.6
1578.2
1600.8

628.1
628.4
625.5

330.8
327.6
325.4

958.9
956.0
950.9

732.8
747.2
763.0

3244.3
3281.4
3314.7

1196.3

418.5

1614.8

622.6

324.6

947.2

780.1

3342.1

Week e n d i n g
1 9 9 8 - D e c . 14
21
28

1198.9
1184.9
1171.3

416.0
412.9
412.2

1614.9
1597.8
1583.5

626.2
624.9
624.2

325.5
325.2
325.1

951.7
950.1
949.3

764.0
766.2
765.7

3330.6
3314.1
3298.5

4
11
18
25

1184.6
1222.8
1209.9
1180.4

416.3
421.3
420.4
416.0

1601.0
1644.1
1630.3
1596.4

624.2
623.8
622.6
621.9

325.3
325.1
324.6
324.2

949.5
948.9
947.3
946.1

758.9
771.0
786.8
788.1

3309.4
3364.1
3364.4
3330.6

1176.0
1214.0

417.2
424.1

1593.1
1638.1

621.0
620.2

324.1
324.0

945.1
944.2

787.7
796.3

3325.9
3378.5

1999-Jan. P

1999-Jan.

Feb.

1.
2.

IP
8p

Savings deposits include money market deposit accounts.
Small-denomination time deposits—including retail RPs—are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and
thrifts are subtracted from small time deposits.

p
preliminary
Components may not add to totals due to rounding.




Page 9
H.6 (508)
Table 9

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars

institutional
money funds

Oate

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Debt components5
Federal

Non-Federal

477.5

84.0

561.5

180.2

46.1

226.3

136.5

1281.2

3780.4

11120.7

Oct.
Nov.
Dec.

364.9
370.7
384.5

483.4
487.6
487.7

84.9
85.4
85.4

568.3
573.0
573.1

192.4
202.5
199.5

46.5
47.4
46.6

239.0
249.9
246.1

136.1
139.9
152.3

1308.3
1333.5
1356.0

3774.4
3792.1
3805.8

11199.6
11278.5
11361.0

1998-Jan.
Feb.
Mar.

395.7
404.3
407.0

483.1
501.1
524.5

85.6
86.5
86.3

568.7
587.6
610.8

215.8
210.2
225.6

44.9
44.6
45.2

260.6
254.8
270.9

155.1
148.0
141.1

1380.1
1394.7
1429.6

3792.5
3795.3
3820.7

11431.2
11495.7
11571.4

Apr.
June

412.7
421.0
431.7

520.8
532.6
539.4

86.6
86.1
86.5

607.4
618.7
625.9

226.5
230.8
222.1

46.0
46.9
49.6

272.4
277.8
271.7

140.2
144.7
143.9

1432.8
1462.1
1473.2

3800.5
3765.9
3755.3

11665.3
11757.3
11840.4

July
Aug.
Sep.

432.6
448.4
458.8

527.6
534.9
535.2

85.8
85.7
86.7

613.4
620.6
621.9

222.1
229.1
232.1

49.0
49.2
50.3

271.0
278.4
282.5

145.8
152.0
153.2

1462.8
1499.3
1516.3

3740.8
3749.6
3743.4

11922.2
11997.3
12090.8

Oct.
Nov.
Dec.

482.9
504.9
523.3

538.9
544.9
544.9

88.2
88.3
88.5

627.1
633.2
633.4

234.9
242.4
239.9

47.7
47.6
50.4

282.6
290.0
290.3

156.6
156.1
155.9

1549.4
1584.1
1602.9

3727.8
3746.6
3754.9 p

12190.5
12283.9
12373.5 p

529.3

544.4

88.8

633.1

241.7

51.1

292.9

152.0

1607.3

21
28

532.0
522.7
522.5

549.0
543.9
540.6

89.2
88.3
88.0

638.1
632.1
628.7

240.9
240.6
236.1

50.7
50.5
50.9

291.6
291.1
287.0

158.5
153.8
156.5

1620.2
1599.7
1594.7

4
11
18
25

501.9
522.5
533.6
540.9

540.5
544.3
547.1
541.5

88.0
89.3
88.9
88.8

628.5
633.6
636.0
630.3

236.2
239.4
242.3
241.7

50.4
51.0
51.2
50.9

286.5
290.4
293.5
292.6

155.8
154.4
150.2
149.4

1572.7
1600.9
1613.3
1613.2

537.0
547.9

547.1
552.2

88.5 *
88.9

635.6
641.2

247.5
251.9

52.0
.53.6

299.5
305.5

152.0
153.1

1624.0
1647.7

Week e n d i n g
1998-Dec. 14

1999-Jan.

Feb.

5.

Eurodollars
At commercial
banks2

Total
Non~M2 M3

356.9

1999-Jan. P

3.
4.

4

1997-Sep.

May

1.
2.

RPs3

Large-denomination time deposits1

IP
8p

,.
,
Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by ail banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p preliminary
Components may not add to totals due to rounding.




Page 10

H.6 (508)
Table 10

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted

Foreign
commercial
banks

Foreign
official
institutions

1997-Sep.

8*7

1.4

Time and
savings
deposits
due to
foreign
banks and
official
institutions
18.4

Oct.
Mov.
Dec.

8.9

9.0
9.5

1.$
l.S
1.5

1998-Jan.
Feb*
Mar.

9.9
9.8
9.9

Apr.
May
June

9.9
10.0
10.0

July
Aug.
Sep.

10.0
9.8
9.6

Demand deposits
at banks due to
Date

9.6

23.0
18.0
25.2

2.9
3.1
3.3

192.8
152.5
152.1

103.1
102.5
101.9

92.9
94.6
96.3

348.9

3.1
1.6
1.8

ۥ5
5.0
5.5

22.3
14.5
17.5

31.9
21.1
24.8

3.3
3.2
3.1

151.9
151.7
151.5

101.5
101.1
100.8

97.4
97.7
98.1

350.7
350.6
350.4

18.3
17.3
16.3

4.6
1.5
2.7

9.7
5.5
10.4

24.0
43.3
32.7

38.3
50.3
45.8

3.0
3.1
3.2

151.4
151.2
151.0

100.1
99.0
98.0

98.7
99.7
100.7

350.2 e
350.0 e
349.7 e

15,
15.
15,

1.3
1.4
2.7

5.4
5.1
6.3

42,
11.
20,

49.4
18.4
29.4

151.
151.
151.

97,
97.
98,

101.6
102.3
102.9

350.
351.
352.

15,
15.
15.

1.4
1.3
1.7

5.4
5.1
5.9

19.
18.
24.

26.1
25.1
32.0

151.
151.
151,

98,
97,
97,

103.6
104.3
105.0

353.
353.
353.

lt>.0

2.9

€.6

30.8

40.2

151.4 e

97.2 e

105.6 e

354.2 e

1.5
2.3
1.5

5.1
6.7
5.9

3.5
33.3
46.3

10.0
42.4
53.7

2.4
2.2
4.0
3.6

€.9
5.5
6.9
6.9

23.3
17.4
24.6
45.5

32.5
25.1
35.4
56.2

1.6
1.3

7.3
5.1

46.2
12.7

55.0
19.1

18.«
18.9
19.1

1.7
1.7
2.2

1.6
1.5
1.5

19.2
19.0
18.9

1.5
1.8
2.0

IP
8p

1. Source: Daily Treasury statement.
e
estimated
p
preliminary
Components may not add to totals due to rounding.




IS.9
11.2
17.9

€.3

4
11
18
25

Feb.

5.4
S.l
5.1

3.2

Week endina
1998-Dec. 14
21
28
1999-Jan.

20.4

balance
29.9

Balance
at
Federal
Reserve

2.0

IRA and Keogh Accounts
Time and
savings
deposits at
commercial
banks
2.9

Demand
deposits at
commercial
banks

Oct.
Nov.
Dec.

1999-Jan. P

U.S. government deposits

%
%

N 0 t e

balances at
depository
institutions1

T^o!

To
«J
c asn
1^ l

3.6

At
thrift
institutions

At
money
market
funds

Total

152.8

103.7

92.0

348.5

At

commercial
banks

349.6
350.4




Board of Governors of the
Federal Reserve System
Washington, DC 20551-0001
OFFICIAL BUSINESS




First Class